Potlatch Corporation reported net income of $27.6 million, or $0.68 per diluted share, on revenues of $174 million for the 3Q ended September 30, 2016. Net income was $21.8 million, or $0.53 per diluted share, on revenues of $174.5 million in the 3Q 2015, as the company said in the press release received by Lesprom Network.
"All three of our business segments contributed to our solid third quarter results," said Mike Covey, chairman and CEO. "Our Northern Resource log prices were very strong during the quarter, led by cedar sawlogs. Wood Products set a quarterly lumber production record and delivered its strongest earnings in two years. Real Estate continues to identify and close transactions that create value. We also refinanced $65.7 million of tax exempt bonds which reduced the interest rate from 6% to 2.75% and we did not repurchase any shares in the quarter. Our stock price increased 14% in the 3Q and is up 30% this year," stated Mr. Covey.
Potlatch is a Real Estate Investment Trust (REIT) with approximately 1.4 million acres of timberland in Alabama, Arkansas, Idaho, Minnesota and Mississippi. Potlatch, a certified forest practices leader, is committed to providing superior returns to stockholders through long-term stewardship of its forest resources.
